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Sunday, May 5, 2013

Nifty Chart Outlook for Coming Sessions

By Mitesh Thacker

The Nifty opened on a positive note and registered an intraweek low of 5867.80 levels. With Thursday's up move, the index witnessed a high of 6019.45 levels. Eventually the Nifty closed at 5944, with a gain of 72.55 points, for the week ended May 03.

In this week the Nifty registered breakout from its crucial resistance level (as discussed in the previous update), but did not sustain above it and closed below its 78.60% retracement (as shown in the chart). Sustaining above the 5970 levels, the Nifty has immediate resistance at 6045 followed by 6120 -- 6150 levels.

The Nifty has formed bearish Harami formation. If it fails to sustain above 5970 - 6000 levels, then the index is likely to fall up to the levels of 5890 / 5850 / 5780.

By Mitesh Thacker

The Nifty opened on a positive note and registered an intraweek low of 5867.80 levels. With Thursday's up move, the index witnessed a high of 6019.45 levels. Eventually the Nifty closed at 5944, with a gain of 72.55 points, for the week ended May 03.

In this week the Nifty registered breakout from its crucial resistance level (as discussed in the previous update), but did not sustain above it and closed below its 78.60% retracement (as shown in the chart). Sustaining above the 5970 levels, the Nifty has immediate resistance at 6045 followed by 6120 -- 6150 levels.

The Nifty has formed bearish Harami formation. If it fails to sustain above 5970 - 6000 levels, then the index is likely to fall up to the levels of 5890 / 5850 / 5780.

Disclimer

Kindly note that all the reccomendation is pure personal, it is suggested to take advice of expert beofre you make trade.Readers will be resposible for any result.------------------All the Best_All is Well